Elissa Sells Banbury Project for CDN $2,000,000 Provides Shareholder Update as to TSXV Listing ApplicationElissa Resources Ltd. #2060 777 Hornby Street Vancouver, BC V6Z 1T7 NEWS RELEASE Elissa Sells Banbury Project for CDN $2,000,000 Provides Shareholder
Sep 07, 2011
OTC Disclosure News Service
Vancouver, BC, Canada –
Elissa Resources Ltd.
#2060 777 Hornby Street
Elissa Sells Banbury Project for CDN $2,000,000
Provides Shareholder Update as to TSXV Listing Application
Vancouver, British Columbia, November 30, 2010: Elissa Resources, (“Elissa” or the
“Company”) (a Reporting Issuer) (formerly Red Hill Energy Ltd.) reports that as per the terms
of its previously reported option to purchase agreement (see Red Hill Energy news release,
November 24, 2008) , the optionee of Elissa’s Banbury Gold property has exercised its right to
acquire a 100% interest in all of the project’s patented claims held by Elissa Resources for a
purchase price of CDN $2,000,000. Elissa retains no further interest in the aforementioned
Elissa was created as per terms outlined in the merger agreement between Red Hill Energy and
Prophecy Resource Corp (see Red Hill and Prophecy Resource joint news release April 14,
2010) when Elissa Resources acquired all of Red Hill Energy’s non coal and non Mongolian
based assets. Since the completion of the merger Elissa has acquired additional mineral assets all
of which are at either phase two drill ready status or, at phase one drill ready status including two
highly prospective gold properties. Elissa has also made significant exploration inroads to its
Thor Rare Earth Project in Nevada located near Molycorp’s Mountain Pass Mine, California (see
Elissa news November 16, 2010).
Those who held shares in Red Hill Energy prior to the Prophecy merger were also issued shares
of Elissa Resources Ltd on a 1 for 4 ratio as per their ownership of Red Hill’s shares. Elissa
currently has 20,770,767 shares outstanding (26,990,767fully diluted) and has approximately
CDN $2.8 million in working capital.
TSXV Listing Application Update
The Company is pleased to report that a listing application has been submitted to the TSX
Venture Exchange and trading on the TSXV is anticipated within 60 days of this news release.
Elissa will be launching a corporate website www.elissaresources.com soon.
About Elissa Resources
Elissa Resources is a well financed, multi commodity exploration company enhancing projects
of advanced merit in Nevada and Idaho. All Elissa Project’s are at either phase two drill ready
status or, at phase one drill ready status. In 2011 Elissa Resources anticipates undertaking a
number of drill programs in its pursuit of economically viable discoveries of both gold and the
minerals and fuels of the future, REE and lithium. Elissa is currently in the advanced stages of
becoming a listed TSXV Company.
ON BEHALF OF THE BOARD OF DIRECTORS of
Elissa Resources Ltd.
President and CEO
For further information:
Scott Parsons, Director 604 669 8368 (ext 106)
or Paul McKenzie (ext 107)
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.